AUD/USD Elliott Wave Since our last analyses the AUD/USD pair was trading upwards, impulsive wave 5 (coloured blue) of the bigger wave (3) (coloured green) was developing. During the Monday’s Asian and European sessions we could observe strong ascending movement from 1.0431 towards 1.0479 level (daily high).Therefore, during the New York session this currency did not manage to hold this level and the price retraced back to 1.0441 level. Today the AUD/USD pair is trading around 1.0474 level and we expect to see the price lower when development of the wave (4) (coloured green) starts. In accordance with our wave rules and taking into account that wave 4 should retrace 38.2% of waves 3, we can define the potential targets with measuring wave 3 with take profit at 1.0374 (38.2% of wave 3). To reduce the risk, we can use resistance at 1.0500 as stop loss.
Alternation: wave (3) (coloured green) is not over, and if this count is right we can probably see price touching 1.0500 very soon.
Support and Resistance (S3) 1.0412 (S2) 1.0430 (S1) 1.0440 (PP) 1.0458 (R1) 1.0476 (R2) 1.0486 (R3) 1.0504
Trading forecast Proceeding from Elliott Wave rules today, the trend is expected to begin the downwards movement. That is why short positions at level 1.0460 with stop loss 1.0500 and take profit at 1.0374 are recommended.
The material has been provided by InstaForex Company – www.instaforex.com
AUD/USD Elliott Wave
Since our last analyses the AUD/USD pair was trading upwards, impulsive wave 5 (coloured blue) of the bigger wave (3) (coloured green) was developing. During the Monday’s Asian and European sessions we could observe strong ascending movement from 1.0431 towards 1.0479 level (daily high).Therefore, during the New York session this currency did not manage to hold this level and the price retraced back to 1.0441 level. Today the AUD/USD pair is trading around 1.0474 level and we expect to see the price lower when development of the wave (4) (coloured green) starts. In accordance with our wave rules and taking into account that wave 4 should retrace 38.2% of waves 3, we can define the potential targets with measuring wave 3 with take profit at 1.0374 (38.2% of wave 3). To reduce the risk, we can use resistance at 1.0500 as stop loss.
Alternation: wave (3) (coloured green) is not over, and if this count is right we can probably see price touching 1.0500 very soon.
Support and Resistance
(S3) 1.0412 (S2) 1.0430 (S1) 1.0440 (PP) 1.0458 (R1) 1.0476 (R2) 1.0486 (R3) 1.0504
Trading forecast
Proceeding from Elliott Wave rules today, the trend is expected to begin the downwards movement. That is why short positions at level 1.0460 with stop loss 1.0500 and take profit at 1.0374 are recommended.
The material has been provided by InstaForex Company – www.instaforex.com
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